Bank not releasing sec 27

Hi

Just wondering if I have a property that has sold, sale price is a certain figure,
The BANK loan sitting against the property represents 81% of the sale price.
The Bank wont allow release of the Sec 27 - deposit monies until settlement day.

Even though we will be owed $100,000+ monies

Why won't they bank be fair??

 

I wouldn't release it if I was the bank either. You might be able to ask the buyer if they will allow it to be released but they will probably say no.

Why do you want it? If it's for a deposit you could get something like a deposit bond.

 

The sale can fell through between now and settlement...

 

Its not the lenders generally - they need to follow NCCP regulations that are designed to protect the consumer.

 

As far as I know it is not up to the bank, it is a decision of the seller. Have you followed the proper process for deposit release?

Section 27 Deposit Release - About the Section 27 Process

Section 27 - How to Get the Deposit Released